]]>W.B. White Insurance is excited to offer our clients Electronic Liability Cards, also known as E-Slips.

All auto insurance policy holders are required to carry proof of valid car insurance. In Ontario, we refer to these as the “pink slips”. Typically, policy holders keep their pink liability cards in the glove box, in their purses or in their wallets. But if you misplace your current pink liability card, you could be issued a ticket by the police.

How do E-Slips work?

Simply contact your Broker to sign up and confirm your email address. The E-Slip will be delivered to you through a safe and secure email. You can download your E-Slip directly into your digital wallet. You can also share your E-Slips with your spouse, children, or any other person authorized to drive your vehicle.

E-Slips are a safe and convenient way to keep track of and manage your proof of insurance.

Contact W.B. White Insurance to learn more and to sign up for your E-Slips today!

]]>https://www.wbwhite.com/blog/automobile-insurance/electronic-proof-insurance-now-available/feed/05 Common Claims Every Contractor Should Know Abouthttps://www.wbwhite.com/blog/commercial-insurance/5-common-claims-every-contractor-should-know-about/
Wed, 12 Dec 2018 10:00:49 +0000https://www.wbwhite.com/?p=1491As a contractor, you have a lot to contend with especially when it comes to safeguarding your business. In an industry where there is ample opportunity for accidents that can lead to serious damages for you, your team, your clients and their properties, the plans provided by commercial insurance companies can provide contractors with the...Read More

]]>As a contractor, you have a lot to contend with especially when it comes to safeguarding your business. In an industry where there is ample opportunity for accidents that can lead to serious damages for you, your team, your clients and their properties, the plans provided by commercial insurance companies can provide contractors with the liability insurance needed to protect everything from people to equipment. We know it can be overwhelming to determine exactly what coverage is best for you. To give you an idea of where to begin, we’ve taken a look at some of the most common, and not so common, insurance claims.

1. Client Disputes

Let’s face it, no matter how good you are at your job, there’s always “that guy” who is going to say you didn’t do your job. You can take every step to make sure you meet the high standards of quality and overall objectives outlined on a project and still have someone claim you did not complete it as agreed. Contractor liability insurance can help provide you financial support when a dispute can’t be resolved, whether it is a missed deadline, questionable completion of a project or claims the quality of the work does not meet the standards of the client. When a client gets angry enough to dispute your services and you cannot seem to satisfy them, it could end up with a civil lawsuit. Your insurance will help to cover the costs both for the legal fees and the settlement costs that might present themselves.

Sometimes, issues can arise long after you have completed a job to a client’s satisfaction. This could be an issue with quality, such as sagging drywall, or it could be an injury that results from something you have installed. The right insurance coverage will protect you if something happens once you have completed the work.

2. Theft

Leaving your tools and equipment at a job site can open you up to some unexpected loss as often savvy thieves know they can steal your unattended contracting equipment. We don’t have to point out how expensive replacing equipment can be, and for most contractors preventing theft is top of mind. However, you don’t want to learn the hard way that theft is not just limited to break-ins at a job site. It can be your clients, team members or other tradespeople at a job site who have easy access to your tools.

3. Accidents

You can be the most diligent contractor in the business, but it just takes one rogue elbow to break a window, or one misplaced toolbox to trip someone up on the job. There are just too many scenarios in which an accident can occur on a job site. This includes damage that can cause injuries to workers and clients or damage to property. These accidents can be honest, human error, but can also be caused by people working on the job site who are not properly trained, mishandle tools and materials or even work while under the influence of alcohol or drugs. Commercial general liability insurance is designed to cover damages if you are found legally responsible, and liable to cover the costs of damage to repair property, replace items or assist in the recovery of injuries.

4. Vehicle Accidents

This is separate from other accidents that can occur on the job site. Commercial auto insurance is a must, especially if you are using your own vehicle. There are so many scenarios in which your own vehicle can literally run into issues. It can be driving to and from a job site. It can be using your vehicle to drop something off at the job site such as equipment. It can be allowing an employee to use your vehicle to go to Home Depot to grab some nails or even make a coffee run. Without the proper coverage, an auto collision will leave you on the hook personally. Your personal auto insurance will probably cover damages if you are in an accident on your way to work, but if you have equipment in the vehicle that is damaged, this might not be covered. So, proper commercial insurance is important if you do any of these things. And remember, any vehicle that has advertising on it will not be covered by personal auto insurance.

5. Unforeseen Issues

Limiting risk for liability can be difficult as there can be so many unforeseen issues. For example, if you have recently decided to do your own designs when you usually work with a designer, all of a sudden anything related to design becomes your problem. This is another reason contractor insurance is your best friend. You will want to have the best coverage to avoid liability for things such as pollution as a result of an accident or improper handling of materials, or even flooding at a job site due to storms, melting snow or broken pipes. The right coverage can also be used in situations, such as equipment failure during a job, and other business interruptions that can cost money due to downtime.

The Right Insurance

Truly, the list can be endless but when dealing with commercial insurance companies, you should discuss your business and projects in detail to make sure you have the right coverage. The right contractor liability insurance will help you mitigate all the risks that could ruin your business while personal liability insurance protects you if someone decides to sue you personally as a result of damages caused by your company. This is a very real possibility if they find your business was negligent and caused injury or damages. By having a personal liability insurance plan, you can cover legal costs and settlement payments. It is well worth the investment to have personal coverage as the costs of a civil suit can be devastating.

]]>Validity, Applicability, Enforceability – The Use of Waivers in Protecting Your Business against Liability Claimshttps://www.wbwhite.com/blog/commercial-insurance/validity-applicability-enforceability-use-waivers-protecting-business-liability-claims/
Wed, 05 Dec 2018 10:00:18 +0000https://www.wbwhite.com/?p=1476By: Derek Grieve, Vice President Commercial Lines. W.B. White Insurance Brokers I was recently asked by a client to review a situation where they allowed a non-member of their organization to participate in sporting activities associated with their club. In this instance, a club member invited a “guest” to their club to participate in a...Read More

I was recently asked by a client to review a situation where they allowed a non-member of their organization to participate in sporting activities associated with their club. In this instance, a club member invited a “guest” to their club to participate in a ride along. The member’s guest was asked to pay a small fee and sign a waiver in favour of the club. Following the ride, which went without incident, a discussion arose amongst the membership over the use of the waiver – and more importantly their liability and responsibility should an accident occur on the road.

I love when our clients ask us these questions. It shows they care about their club, but also – and maybe more importantly -it shows that they have concerns about whether the actions of a third party would having a negative impact on their club.

This case involved a bike club, but the principles are fundamental across any business. If the actions of a third party are detrimental to your organization, you should be protected. At the very least, you should have a mechanism in place to REDUCE THE RISK to your organization. (Think Insurance 101)

The Use of Waivers

I tell all of my clients the same thing. There is nothing you can do to ensure 100% protection from any type of claim made against your organization. No one is bulletproof. This belief was borne from my experience providing insurance and risk management advice to clients in the medical malpractice field. I would receive weekly, sometimes daily calls from clients who were nervous or uncertain about treatment they provided to a patient, or from an ‘offhand’ comment one of their patients made and the end of a treatment session. In these cases my message to them was always clear. You can only control what YOU do, not the actions or allegations made by a third party. While the use of a waiver is not an ironclad way of protecting you or your organization, you can take steps to mitigate your risk through a waiver. However, for that waiver to be of any use, it must be Valid, Applicable and Enforceable.

Validity – The “meat and potatoes” of the Waiver

When determining what constitutes a good waiver, one always has to look at how well constructed the waiver is. If a waiver contains ambiguous terminology or is meant to deceive or confuse, courts will always use Contra proferentem which basically means, any ambiguous clause(s) should be interpreted AGAINST the interests of the party that drew up the contract. For this reason, the waiver has to be iron clad. In situations where a waiver is combined with a participant’s exclusion for example, the waiver portion must be clearly stated. Important terms and conditions must be highlighted, bolded, or underlined to show that they have an enhanced contextual meaning and importance throughout the contract.

Applicability – The “relatability” of the Waiver

When you go to the grocery store, are you asked to sign a waiver? The answer is no. A user of the grocery store assumes that a reasonable store owner would keep their business safe, free of latent defects and be a safe environment to go shopping in. A ski resort for example, invites customers on to the property to participate in activities usual and custom to skiing, but which also contains an inherent elevation of risk of injury. This “assumption” of risk creates a contract between two parties that goes beyond that of a grocery store owner and a customer in the example above. What you now have is an agreed upon contract between the owner of the business and the user of the facility. It also creates a duty of care that the owner now owesthe user while using the premises. If that duty is breached, the user would then have recourse against the owner of the ski slope if negligence can be proven. As such, this is an extremely important aspect of the contract. The user has to be capable of signing a contract. Factors may include; a) when was the waiver presented to the individual? b) was the individual of age? Intoxicated? under duress? c) were the terms clearly understood? d) did the individual sign the waiver?

Enforceability – Is the waiver worth the paper it’s written on?

In order for the waiver to be enforceable, courts have determined that the releasee to the waiver must fully understand what it is they are signing. In our case, the document must not infringe upon certain rights and responsibilities the ski hill owner owes to the user and probably most importantly, the waiver must contain phrases and language that is understood and accepted prior to engaging in the activity.

The use of a waiver will never provide a 100% defence against your organization, however a properly worded waiver, brought to the attention of a participant who is capable of understanding it, is now an effective tool and in some cases is completely defensible in liability claims.

While W.B. White does its best to provide useful general information and guidance on matters of interest to its clients, statutes, regulations and the common law continually change and evolve, vary from jurisdiction to jurisdiction, and are subject to differing interpretations and opinions. The information provided by W.B. White Insurance Brokers is not intended to replace legal or other professional advice or services. The information provided by W.B. White Insurance Brokers herein is provided “as is” and without any warranty, either express or implied, as to its fitness, quality, accuracy, applicability or timeliness. Before taking any action, consult an appropriate professional and satisfy yourself about the fitness, accuracy, applicability or timeliness of any information or opinions contained herein. W.B. White Insurance Brokers assumes no liability whatsoever for any errors or omissions associated with the information provided herein and furthermore assumes no liability for any decision or action taken in reliance on the information contained in these materials or for any damages, losses, costs or expenses in a way connected to it.

]]>What Are the Benefits of a Life Insurance Policy for Business?https://www.wbwhite.com/blog/business-insurance/benefits-life-insurance-policy-business/
Tue, 20 Nov 2018 10:00:56 +0000https://www.wbwhite.com/?p=1468Planning for the grimmer things in life – such as death – is easy to put off. Put it off too long, however, and one day it will most definitely be too late. Being a successful business owner requires constant planning ahead. Entrepreneurs quickly become used to the idea of their company being an organism,...Read More

]]>Planning for the grimmer things in life – such as death – is easy to put off. Put it off too long, however, and one day it will most definitely be too late.

Being a successful business owner requires constant planning ahead. Entrepreneurs quickly become used to the idea of their company being an organism, one that grows and evolves into an entity unrecognizable from its early days. Core missions change, co-owners and stakeholders enter the picture, and contingency becomes a very real concern. After all, Apple continued to grow and thrive when Steve Jobs died in no small part because of thorough planning for how the company should carry on.

Steve Jobs may have had billions in the bank, but chances are, you’re not quite there yet with your business. That’s why life insurance is so important for entrepreneurs who wish for their businesses to continue growing and thriving in their absence. There are few things that require such shelving of the ego as planning for the success of something you started for days when you won’t be there.

The death of a business owner can be devastating, however, and without the right policies in place, your legacy could be one of failure and anguish for your colleagues instead of perseverance and prosperity.

The main reason for investing in life insurance is to protect those you leave behind. Unless you want your business to cease existing the moment you die, a life insurance payout can be the very necessary lifeblood that allows your business to remain operational. Opening and growing a business is a painstaking task, one that absorbs an entrepreneur’s life, their waking thoughts, and their dreams for the future. The thought of it shuttering unceremoniously following a tragedy is not what most owners project for their business. For the sake of its legacy and yours, investing in life insurance is a must.

2. Achieve more with your assets

Life insurance isn’t just advantageous when you die; it can be very beneficial as an asset while you’re alive. The value of a permanent life insurance policy grows over time and is not taxed at the same rate as other corporate investments. This means more money in your bank account and an intelligently diversified portfolio.

3. Ownership will change

One of the main reasons business owners invest in life insurance is so there is money to tide the company over while ownership changes. If you’re one of several owners, then your position will need replacing. A life insurance payout allows your business to continue issuing paychecks and placing orders while the board figures out the best course of action to fill the key role you played.

4. It puts the discussion on the table

No one likes talking about their own death. It’s creepy. It’s a downer. It’s not part of the entrepreneur self-help books that proclaim all you need to do is believe in yourself and change the world until someone in one of those weird cults offers you an invite to drink the elixir to life.

A responsible business owner puts their pride, and their fears, aside for the best interest of the company and all the people involved in it. It’s important to have a plan in place so your predecessors aren’t left scrambling to make decisions and salvage their livelihoods while having to grieve you as well. Being able to talk about this subject matter is a sign that you’re a mature, self-aware business owner.

5. Protect your employees

Along the same vein, your employees are highly vulnerable to major changes in the company. There could be massive layoffs if an owner dies, and if the company folds, then everyone is out of work. It’s a poor way to repay your employees for giving their all to your company. After all, no company can succeed and grow without people at every level.

A life insurance policy means that despite confusion and structural changes, your employees won’t be put in a perilous position. When layoffs hit the news, it becomes even harder to salvage the remains of a company. Better to not let it happen in the first place.

6. Rates are flexible

A life insurance policy does not have to be expensive. Whatever the amount of coverage you need, a broker can discuss implications and rates with you so you create a policy that offers what you need without draining your bank account while you’re still breathing. While your policy is an appreciable asset, there may not be enough liquid cash to put towards it without harming other facets of your company. The good news is you can still get coverage without unbalancing your budget.

If you want your company to survive you, life insurance is a must-have. It protects your company, the people who have become your work family, and lets you do more with your assets. Contemplating life insurance doesn’t have to be spooky and morbid. When you look at all the benefits, you’ll see that life insurance can actually give you greater peace in the precious moments we have.

Don’t delay protecting yourself, your loved ones, and your business. Get in touch with W.B. White Insurance and learn how we can put you in the best position possible for future success. Call us at (905) 576-6400 or contact us here today.

]]>Auto Insurance Premiums: How Your Car Impacts Your Rateshttps://www.wbwhite.com/blog/personal-insurance/auto-insurance-premiums-car-impacts-rates/
Tue, 02 Oct 2018 10:00:11 +0000https://www.wbwhite.com/?p=1457When it comes to auto insurance premiums in Canada, each vehicle in Canada has been assigned a car code based on the year, make, and model. The Insurance Bureau of Canada collects data and statistics nationwide about different claims and expenses that happen across the country. One of the things they track is the financial...Read More

]]>When it comes to auto insurance premiums in Canada, each vehicle in Canada has been assigned a car code based on the year, make, and model. The Insurance Bureau of Canada collects data and statistics nationwide about different claims and expenses that happen across the country. One of the things they track is the financial costs of each car, which is based on the number of incidences, claims, and expenses that is caused by direct damage from a collision (DCPC, also known as “no-fault insurance” in Ontario). There are other claims that are tracked and recorded, which includes Comprehensive Claims (such as theft) and Accident Benefits (which includes injury costs).

The purpose behind these auto insurance premiums is to set premiums that are relevant to the type/kind of vehicle that a person is driving. For example, Honda Civics are a very popular car among many people; especially, young people and newer drivers. Even though it’s a well-made, safe, and easy to maintain vehicle, it does generate a higher rating compared to similar cars in its class (i.e. Ford Focus) because of the claims statistics and accident history (younger drivers tend to have more serious accidents with these vehicles). Recently, the Insurance Bureau of Canada announced that they revised the rate groups on all brands, makes, and models, which is why part of your renewal increase is due to change in the rate groups for your vehicle. This only has to do with the claim statistics nationwide for the car you are driving – that’s it.

How Car Insurance Rates Are Calculated

There are many factors that come into play when it comes to getting a car insured, and figuring out the rate(s) that you will have to pay. Things such as where you live, how much you drive, whether or not you are a good or bad driver, and a variety of other factors will affect your car insurance rate.

Here are some factors that are highly considered by insurance providers:

Driver’s Personal Information: Things such as your age, years you have had your license, and where you live can have a major impact on the rates you are paying.

Driving Record: If you have a clean driving record with no tickets or at-fault accidents, that’ll work in your favour. That being said, if you have a history of many tickets and at-fault accidents, you might find that your premium is a bit more expensive.

Driving Habits: With auto insurance, the more you drive, the more you will pay for insurance. Your insurance rates can be affected by how often and how far you drive your vehicle.

Insurance History: The number of years you have maintained continuous insurance speaks volumes about your reliability. A policy holder that has always renewed their insurance, and paid their premiums on time, will be viewed favorably and qualify for a better insurance rating.

Type of Car Driven: The kind of vehicle you drive can massively impact how much you are paying for your insurance premiums. Older cars with lesser safety features can be expensive, as well as luxury vehicles that would be pricey to repair.

Did you know that insurance rates vary amongst different vehicles?

It is a fact that some cars are cheaper to insure than others and it usually depends on the value of the vehicle. Insurance companies not only track records from drivers, but they track statistics and records on all different types of vehicles; all of which affect insurance premium costs. They can even link insurance premiums to different types of models within the same brand. Every single vehicle out there has its own cost when it comes to insurance, and that is well before a driver is taken into consideration.

Car Related Factors

There are many different factors that are taken into account with insuring vehicles. Since every vehicle, brand, and model is broken down to its own insurance premiums, there are more factors that come into play when insuring said vehicle. Some of these vehicle-related factors include the following:

The Type of Vehicle: What is the car designed for? Is it a performance or family car?

Claim Costs: How expensive is it to repair? How much will it cost to replace the car?

Theft: Is the car more likely to get stolen compared to [X] car? What is the theft track record for the specific model/brand?

Safety: What is the vehicle safety rating? What is the vehicle’s safety history? How many injuries & fatalities have come from this vehicle over a [certain] period of time?

External & Other: Does this vehicle have any important history that needs to be brought up?

2018 Cheapest Cars To Insure in Ontario

According to leasecosts.ca, here is a list of the cheapest 2018 model cars to insure in Ontario:

The one aspect you need to keep in mind is that the “cheapest” car to insure will always change over time, whether it is within the next month, six months, or even a year. As new vehicle models and brands come into the market, insurance agencies will adjust and determine how the rates will be set, which will leave some vehicles lower while other much higher on their premiums.

Since 1929, W.B. White Insurance has been a trusted insurance and financial adviser to clients throughout Ontario. For more information on vehicle insurance or to obtain a quote, contact WB White at (905) 576-6400 or contact us here.

]]>The Legalization of Marijuana: What Does It Mean for You?https://www.wbwhite.com/blog/commercial-insurance/legalization-marijuana-mean/
Wed, 12 Sep 2018 10:00:32 +0000https://www.wbwhite.com/?p=1452October 17, 2018 will be an important turning point for Canadians. On this date, the federal government will officially legalize the use of marijuana. After many years of consulting advocacy groups and multiple reviews of The Cannabis Act, Canadians will finally be able to use marijuana within a strict legal framework. Our country is only...Read More

]]>October 17, 2018 will be an important turning point for Canadians. On this date, the federal government will officially legalize the use of marijuana. After many years of consulting advocacy groups and multiple reviews of The Cannabis Act, Canadians will finally be able to use marijuana within a strict legal framework. Our country is only the second in the world, and the first of the G7s, to allow a nationwide cannabis market. So what does this historic change mean for regular citizens like you and me?

Let’s explore some of the main pillars of this historic bill before examining how it will affect the lives of millions of Canadians — particularly those in Ontario. The Cannabis Act has been touted by the Trudeau government as a progressive policy that will replace a failed model that has made criminals rich. Its goal is to do the following:

It should be noted that although The Cannabis Act will set a benchmark of rules surrounding marijuana use, individual provinces will have the jurisdiction to impose their own set of laws. For example, the federal bill states that Canadians 18 years or older can legally buy and possess pot. In Ontario, however, the minimum age requirement is actually 19 years of age or older. This is the same as the minimum age for the sale of tobacco and alcohol in the province.

For Ontarians, the legalization of marijuana means an overhaul to many other aspects of our lives. From impaired driving rules to amended insurance policies, this new reality will affect us in some way or another. Let’s look at some key areas that will be impacted by this historical change.

Social Hosting

Alcohol has been a standard offering for guests during social gatherings. But with the legalization of pot, you can bet many people will soon expect marijuana at the parties they attend. From wedding receptions to birthday BBQs, it is the host’s responsibility to allow safe and responsible cannabis use on their property.

Under The Cannabis Act, you are allowed to smoke or vape marijuana within a private residence — as long as that residence is not also a workplace. Should one of your guests become unruly or aggressive while under the influence of marijuana, you could be responsible for their actions. This means you’re also accountable for keeping other guests safe from harm. By introducing marijuana to social gatherings, hosts must become aware of this added layer of liability.

Home Insurance

Under new legislation, it will be legal to cultivate and harvest up to four cannabis plants per dwelling. There is no doubt many homes in Ontario have been damaged by illegal marijuana grow-ops. From mouldy walls to faulty electrical wiring, growing cannabis can destroy the integrity of a residence. Damage to the home as a result of mould or ongoing wear and tear caused by indoor home hydroponics will continue to be excluded from insurance, and therefore not covered.

Although it is not fully clear how the home insurance industry will be impacted by legalized pot, most firms will treat cannabis as a contents item. Under policy rules, cannabis plants will become like any other personal belongings such as jewelry, furniture, or clothing. However, if your plants are outdoors, they’ll be addressed under the ‘Outdoor Trees, Plants and Shrubs’ category of your policy.

Landlords & Tenants

One of Ontario’s largest landlords has warned it may evict tenants for growing marijuana in their apartments. For those who own a home, marijuana growing laws are pretty straightforward. For tenants who live in multi-unit buildings, however, the issue is a murky one. Their right to cultivate up to four cannabis plants is complicated by their obligation not to disrupt neighbours or damage their landlord’s property.

In this case, landlords have the right to add a no-growing clause to new leases. But for existing leases, Ontario law states landlords cannot unilaterally change the terms. This leaves many landlords in a tricky situation. But if the pot-growing tenant interferes with his neighbours’ rights to peaceful living, there could be grounds for an eviction. Ultimately, the cannabis cultivation would have to create a problem before a tenant could be kicked out.

Driving

Using marijuana and driving is illegal and dangerous. The Cannabis Act has laid out a number of rules to restrict impaired driving. If a police officer discovers you’re impaired by cannabis, you could face serious consequences. They include:

Immediate licence suspension

Possible vehicle impoundment

Financial penalties

Possible criminal record and/or jail time

Drug-impaired driving that does not cause bodily harm carries a maximum prison sentence of 5 years. Should that driver harm someone while driving impaired, the maximum prison term is 10 years. Drug-impaired driving causing death carries a life sentence.

It’s important to note that novice drivers (G1, G2, M1, M2) and young drivers (21 years of age or younger) are prohibited from having any drug in their body. Everyone else is permitted to have up to 2 nanograms of THC per millilitre of blood. Anything above that (but less than 5 ng) is subject to a maximum $1,000 fine.

The legalization of marijuana is a complex issue that will take some time for Canadians to adjust to. When it comes to driving and homeownership, insurance policies will have to be reassessed to ensure the safety of all Ontarians. As the insurance market evolves, a reliable insurance firm like WB White can help you navigate Canada’s new cannabis laws, and allow you to move forward with peace of mind.

For more information, please call WB White at 1-877-727-0757 or contact us here.

]]>10 Employee Benefits That Provide a Lasting Impact on Employees’ Liveshttps://www.wbwhite.com/blog/general-category/10-employee-benefits-provide-lasting-impact-employees-lives/
Mon, 13 Aug 2018 10:00:13 +0000https://www.wbwhite.com/?p=1392Nowadays, paychecks are no longer the main factor for most employees. Instead, the decision to stay at their current places of work depends on the benefits provided. Unlike before, employees are looking for compensation that helps them stay healthy and gives them a healthy balance. In fact, according to recent research, 79% of employees prefer...Read More

]]>Nowadays, paychecks are no longer the main factor for most employees. Instead, the decision to stay at their current places of work depends on the benefits provided. Unlike before, employees are looking for compensation that helps them stay healthy and gives them a healthy balance. In fact, according to recent research,79% of employees prefer additional benefits instead of an increase in salary. Another study indicates that benefits can help to significantly reduce employee turnover.

Providing benefits can increase employee loyalty.

Lack of benefits can negatively impact employees’ productivity. Most employees are worried about their personal lives, finances, and other life stresses. One survey found that23% of employees become less productive at work due to financial worries.

Flexible working benefits are also likely to make an employee show up to work regularly, helping to minimize absenteeism at work.

Below are top ten employee benefits that can significantly improve your workforce

Health Care and Personal Welfare

Companies are increasingly offering employees healthcare benefits such as medical and mental health insurance, among others.

Preventive Wellness Benefits

Most companies are decreasing health care expenses on their employees and providing preventive health and wellness programs instead. Some of these programs include premium discounts for not using specific products such as tobacco and for participating in health risk assessments. Other companies are providing bonuses and other incentives for taking part in wellness programs.

Retirements and Saving Planning

Today, employees are as concerned with retirement saving and planning benefits as ever. More employees are taking advantage of the various saving plans that are offered by their employer. These plans have a unique set of rules that determine the amount of taxable income in the retirement plan. Some of the common retirement plans include Individual Retirement Arrangement (IRA) and Simplified Employee Pension (SEP). Most employees believe that retirement benefits and saving plans ensure a better future for them even after leaving their current workplaces.

Leave Benefits

Leave benefits are increasingly becoming popular in most places of work. Traditionally, sick leave has been recognized by many organizations as a benefit, and in some jurisdictions, sick leave is mandatorily identified as benefits. On the other hand, personal leave is treated differently. Although some organizations are not treating personal time-off as a benefit, it can negatively influence employees’ productivity.

Flexible Schedules

Most employees prefer a work schedule that is flexible. In the past, the work schedule was tight, and employees were required to work on a strict schedule. However, younger employees are looking for an employment schedule that is flexible to have more social and family time outside work. Some of the common flexible time benefits include flexible days, work at home options, and flexible shifts. This helps employees become more productive while maintaining an adequate work balance.

Career Development

Although career development programs have been decreasing in the past, they are still essential benefits to employees. Career development programs are important to employees in many ways. First, they help retain employees who may want to develop their careers by going elsewhere. Secondly, many employees expect to find meaning in what they do instead of unending tasks. Career development programs make employees feel engaged and supported, increasing their productivity. Finally, these programs can help to fill skills and competency gaps in the organization.

Business Travel Benefits

In the past, business travel was considered unnecessary and a waste of time. However, due to globalization, business travel has become inevitable. Travel is an essential factor when applying for job opportunities. Employees want to be reimbursed for travel expenses such as air tickets, taxi fare, and hotel bookings while they are on assignments. According to a recent survey,business travel benefits can help individuals progress in their careers.

Relocation Benefits

Relocation benefits are essential when moving from another location. When an applicant from a different place has all the right qualifications, the company should develop a relocation plan that ensures a smooth transition. Conversely, an organization that has decided to move its offices to a new location should provide employees with an adequate relocation plan. Relocation benefits are highly valued by employees willing to change their residences for their job.

Compensation Bonuses

Compensation is the pay an employee receives for the services rendered. Apart from the standard forms of compensation such as wages and salaries, employees are looking for other benefits such as incentive bonuses. These benefits can be used inattracting top-level candidates.

Employee-Focused Community Programs

Even though most companies are offering fewer community programs, they are still coveted by the current generation. These programs can include club memberships, social clubs, or sporting events that promote employee-community engagement.

Although employee benefits may be costly, the overall advantages outweigh the cost and significantly contribute to the success of the organization. These benefits also increase employees’ morale and productivity. Most executives have indicated that benefits and paid off time provide a significant return on investment in the long run.

To learn more about employee benefits, please call W.B White Insurance at 1-877-727-0757 or contact us here.

]]>How to Use Tax-Free Savings Accounts to Save Morehttps://www.wbwhite.com/blog/general-category/use-tax-free-savings-accounts-save/
Mon, 06 Aug 2018 10:00:48 +0000https://www.wbwhite.com/?p=1390There are so many investment options today that it’s easy to become overwhelmed. You may hear a lot of conflicting advice about which investments are the best for you, so it’s important to know how to manage your money wisely. Understanding the way different accounts and investments work is a big part of that. What...Read More

]]>There are so many investment options today that it’s easy to become overwhelmed. You may hear a lot of conflicting advice about which investments are the best for you, so it’s important to know how to manage your money wisely. Understanding the way different accounts and investments work is a big part of that.

What Are Tax-Free Savings Accounts?

In most places, when you open a savings account, you’ll be required to pay taxes on the interest that you accrue. The same is true for equivalent places to place your money, like money market funds. There are a few savings accounts that are exempt from this rule, as well as other financial instruments you might not have considered. These are called tax-free savings accounts. If you want to reduce your annual tax bill and stretch your savings further, one of these accounts might be a good investment option.

Healthcare Savings Accounts and Flexible Spending Accounts

These programs can provide tax relief to help people deal with childcare and health expenses. Though the names are similar, each account is unique and has some important differences.

A flexible spending account:

Pays healthcare and childcare expenses

Must have the sponsorship of your employer

Must be started with a deposit amount that’s declared at the beginning of the year and cannot be changed

Will not roll over, so you lose the money if you don’t use it

Doesn’t require the payee to have high-deductible health insurance

A health savings account:

Doesn’t need to be sponsored by an employer

Must be opened by someone with high-deductible health insurance

Includes year-to-year rollovers so you don’t lose your money

Earns interest

Can only be spent on health expenses, rather than health and childcare expenses

The two accounts do share one defining feature: No matter which type of account you have, your contribution is done before you pay your income tax. This is a way of increasing the amount of money you have on hand for healthcare costs. When the HSA rolls over each year, you might even be able to earn some tax-free interest on the unspent money.

For people with recurring medical costs or upcoming procedures that aren’t covered by their insurance, and who have a solid estimate of their medical needs over the next year, an FSA or HSA account might be a good idea.

]]>What is Commercial Insurance, and How Do You Choose the Right Policy?https://www.wbwhite.com/blog/commercial-insurance/commercial-insurance-choose-right-policy/
Mon, 09 Jul 2018 10:00:05 +0000https://www.wbwhite.com/?p=1423Starting a business means taking on a lot of responsibility, and commercial can help protect you against some of the liabilities you will incur. Not quite sure how commercial insurance works, and how it can protect you? Fortunately, we’ve put together a guide that has everything you need to know about commercial insurance, and how...Read More

]]>Starting a business means taking on a lot of responsibility, and commercial can help protect you against some of the liabilities you will incur. Not quite sure how commercial insurance works, and how it can protect you? Fortunately, we’ve put together a guide that has everything you need to know about commercial insurance, and how to choose a policy that’s right for you.

What Is Commercial Insurance?

Commercial or business insurance protects you against a number of the liabilities, damages and lawsuits that might arise as a result of conducting your business. Insurance is about properly balancing your risk management.

There are many sub-categories of business insurance, so you should do a careful assessment of your business needs. Some categories may be more beneficial for certain industries. Here are the primary functions of a good business insurance policy:

The primary goal of business insurance is to provide you with a safety net against unforeseen dangers. Insurance might be the best way to keep your operations going while you deal with various issues that you can experience as a business owner. Here’s a breakdown of what each category covers:

Workers Compensation

If an employee is injured on the job, then you might be liable for his or her injuries. Business insurance can help with workers compensation claims, and reduce the financial burden on owners.

Business Interruption

A disaster could damage your primary machinery, or force the closing of a retail location, creating an interruption in your ability to operate your business. Recovering from a disaster can take months or longer causing a financial strain your your business. Business interruption insurance can bridge that gap and cover the loss of of income after you have suffered a claim.

Public Liability

Your company might rent or own an office, building or warehouse. You are responsible for the safety of anyone who is on your premises including employees, vendors or customers. Commercial insurance covers a number of common problems that business owners face.

Slip and fall liability protects your premises from lawsuits. If your janitor leaves a puddle on the floor and a vendor slips, falls and hurts himself, you are liable. Don’t let a workplace accident destroy what you worked so hard to build.

You can also get coverage for employee crimes, such as embezzlement, dishonesty, money orders and securities. Your employees at work might have been given the authority to act in your name. Business insurance protects you when they commit crimes while working for you.

Your property will also be protected against burglary, accidents and weather damage. If tree branches break your windows, then business insurance will cover the damage.

Product Liability

When you design, manufacture or sell a product, there is the assumption that it will perform as advertised. If someone is harmed or injured while using your product, a lawsuit might be filed claiming that your product was defective. Product liability insurance will pay your legal and court fees, should you be sued.

Now that you know what commercial insurance can offer you, you’re probably wondering what to expect once you begin shopping around for a policy. Here’s a breakdown of the process that most insurance companies will follow when providing commercial insurance.

What Will Insurance Companies Check?

The insurance company might check anything from the legal name of the entity, ownership, machinery, products or services, years of operation, warehouses, nature of the operation, buildings, construction materials, square footage, fire protection and your security system. Each general category might lead to more specific questions, like whether or not you have a sprinkler, or where the nearest fire hydrant is. Security questions also might look at whether you have a burglar alarm, security fence or security guards.

Do you have a safe and if so, how much is the maximum amount that it contains? What mortgages do you have? The insurance company will try to make a risk assessment of your business.

Your claims history for the past five years might also be reviewed. Have you made any claims? If so, what were the descriptions, dates and amounts of said claims?

Equipment & Machinery

Is there one particular essential piece of equipment or machinery that you cannot do without? The insurance company will look at specific equipment and machinery with your property and assess its age and condition.

The insurance company will make a list of important property to be covered by the policy. This will include the aforementioned equipment, as well as some of the following: office contents, EDP Equipment, EDP Data Media, customer goods, laptops, stocks, bonds and vehicles. A monetary coverage limit will be set for each.

You can also specifically name equipment and add coverage to increase the limit. Optional coverage policies might include flood or earthquake insurance.

How Do You Choose the Right Policy?

If you have realized that business insurance is a necessity, then how do you choose the right insurance policy? You should first look at the needs of your business. Questions you should ask yourself include:

Are you a startup, independent contractor or a well-established company? How many employees do you have? What are the three primary lawsuits filed against businesses in your industry? How long would it take to replace your primary equipment or machinery, if it broke down? What are the most common risks to businesses such as your own?

Once you have the answer to these questions, finding a policy that suits your needs shouldn’t be hard. Insurance is about balancing risk. Therefore, you should determine your own risk tolerance when deciding which deductible is right for you. You will also need to find a monthly premium that fits your budget.

Comparing two or three different insurance company policies with one another might be the best plan. You will see the going rate for premiums and coverage, and find the one that covers the most things that you care about in their standard package.

Protect all that you have worked so hard to build, by finding the right insurance policy. For more information about how to choose the right commercial insurance policy, call WB White Insurance at 877-420-4572 or contact us here.

]]>Should You Insure Your Snowmobile?https://www.wbwhite.com/blog/commercial-insurance/should-you-insure-your-snowmobile/
Mon, 02 Jul 2018 10:00:39 +0000https://www.wbwhite.com/?p=1421You may be wondering whether or not it’s necessary for you to purchase snowmobile insurance to enjoy recreational use. While it might not be required by law for you to have insurance if you’re only using your snowmobile on private property, it’s likely to be required if you plan on using it in a public...Read More

]]>You may be wondering whether or not it’s necessary for you to purchase snowmobile insurance to enjoy recreational use. While it might not be required by law for you to have insurance if you’re only using your snowmobile on private property, it’s likely to be required if you plan on using it in a public domain. The laws in your area dictate what auto insurance requirements you need to meet in order to keep your vehicle on the road. Likewise, your area’s laws will dictate what your responsibilities are in terms of snowmobile insurance. It’s important for you to do some research in order to keep up with your obligations.

Snowmobiling is a fantastic winter hobby, but it does come along with some responsibilities and risks. To have peace of mind, you should insure your snowmobile regardless of the bylaws in your area. Not sure the benefits of snowmobile insurance is worth your while? Here are a few reasons why you should think about insuring your snowmobile.

Protect Yourself Physically

Insurance can protect you when you incur a physical injury while using your snowmobile. Accidents happen, and they can bring about the necessity for hospital visits and treatment for injuries like broken bones. Snowmobiling can lead to injuries for the snowmobile owner, other snowmobilers out on the trails, and bystanders. It’s important that you have some medical liability coverage as part of your insurance to protect yourself and others while out on the trail.

Legal Obligations

Insurance can ensure that you meet the legal responsibilities of owning a snowmobile. Those who ride a snowmobile in public areas without insurance could be subject to penalties and fines. By discussing insurance with a qualified insurance provider, you can become aware of what your responsibilities are in order to operate a snowmobile legally. If you are caught riding a snowmobile publicly without the required insurance, your vehicle might be confiscated from you and you may be subject to hefty fines in order to be able to regain possession. Steer clear of legal issues with adequate insurance coverage.

Protect Yourself Financially

Insurance can allow you to recover the money you’ve invested in snowmobile ownership. An accident can completely destroy your snowmobile. If you’ve spent a considerable amount of money in order to purchase your snowmobile, this could be a huge financial burden. You can choose an insurance policy that will compensate you for any damage to your snowmobile. Depending on your coverage, the insurance provider can return to you the full value of the snowmobile. If the snowmobile is partially damaged, the insurance provider can compensate you for the costs of repairs.

Protect Yourself Against Liabilities

Another liability issue that can arise for those who enjoy recreational snowmobiling is property damage. If you ride your snowmobile and cause damage to another person’s property, you will be held liable for those damages. Any basic liability coverage policy for snowmobile users should provide compensation and financial protection for property damage.

Choosing the Right Insurance Policy for Your Snowmobile

There are many options from which you can choose when you are selecting an insurance policy to protect your snowmobile. When you’re looking for the right policy for your unique situation, you’re going to want to research a lot of different factors from liability to collision coverage and find out exactly what they’ll cover. You’re also going to want to shop around in order to find the best premiums out there.

There are different coverage limits for different policies that are available. It’s important to pay attention to coverage limit. The coverage limit can inform you of whether or not a particular policy will be adequate for your needs. If the policy coverage limit is too low, you can find a policy with a higher coverage limit. However, you should note that the more coverage you have, the higher your premium will be.

Insurance coverage for snowmobile use is always a good idea. Even if you are only using your snowmobile on your own property and are not required by law to have insurance, insurance can still compensate you for any physical injuries you suffer using as well as any damage to your snowmobile. Explore your options and find the right snowmobile coverage for your situation.

For more information about how to choose the right auto insurance policy, call WB White Insurance at 877-420-4572 or contact us here.